Is Bandhan bank a payment bank?

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Nowadays a number of advertisements are appearing in the media about Bandhan bank offering an interest of 6% in the case of savings bank accounts. Is Bandhan bank a payment bank? Are there other banks also which offer interest of 6% or more in the savings bank accounts?Awaiting response.

Bandhan started out as a micro finance company for the small business enterprises and entrepreneurs. However it got the banking license from the RBI in 2014. So now it is complete bank.And you can use for the savings account or the deposits or any other usage you have. It does seem to be offering the 6% interest rate for the amount over 1 Lakh in the savings account. if the amount is less than the 1 lakh then you get interest of around 4.25%. This is normal rate across majority of the banks.

Apart from the bandhan bank you can find the Kotak bank, Yes bank, AXIS to be offering the 6% percent interest on the specific savings account amount. And this is pretty much common among many PSU and the corporate banks. You just have to see if those rates are applicable in your bank.

Bandhan bank is not a payment bank. It is a fully bank and got license from RBI to function like SBI, PNB, Canara bank, IDBI etc.Bandhan bank has not yet present in all over India, as it was a micro finance and it has major operation in eastern part of India like Odisha, West Bengal, Jharkhand etc.So every body can not get the benefit of banking service.Regarding 6% interest in savings account, now days most of banks are providing this interest rate but they have certain condition like minimum balance need be maintain beyond 50,000 to 1,00,000.This scheme is just to attract the customer.I am giving a best suggestion to get more than 6% interest from your bank.Most of the banks now providing a flexi account where you get benefits of both savings and fixed deposit.Suppose you keep 1 lac in flexi account you will be getting 4% interest for 25,000 and rest 75,000 will give you benefits of 8% interest.You can withdraw that 75,000 amount any time with out any fine or charges.

Hi FriendBandhan Bank is not a payment bank and it is incorporated in DECEMBER 2014 as a subsidiary of Bandhan Financial Holding Ltd(which is largest micro finance company in India). And Bandhan Bank got in-principle approval from Reserve Bank of India in April 2014 and got final No Objection Document in June 2015.And headquarters of Bandhan Bank is located in Kolkata.And it is true that Bandhan Bank provides 6% per annum intrest rate for savings bank account.And some other private sector banks also providing 6% of intrest on Savings account.For example, Kotak Mahindra bank gives 6% intrest to savings account if we maintain a minimum of 1 lakh rupees in savings account.

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